STMicro results trigger tech boost for European stocks

  • Reuters
  • Stock Market News
STMicro results trigger tech boost for European stocks
Credit: © Reuters.

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LONDON, Jan 24 (Reuters) - European shares inched higher on Thursday as better-than-expected results from chipmaker STMicro delivered a boost to the tech sector, while oil stocks weighed on the market.

The pan-European STOXX 600 .STOXX gained 0.1 percent by 0843 GMT, in line with Germany's DAX .GDAXI while Britain's FTSE 100 .FTSE fell 0.4 percent.

Chipmaker STMicroelectronics STM.MI jumped 7 percent after reporting a fourth-quarter margin slightly above targets, though it predicted a sharp fall in first-quarter sales. tech sector .SX8P climbed 1.4 percent as investors pounced on the bit of good news from chipmakers which have been grappling with slowing demand.

AMS AMS.S , Siltronic WAFGn.DE , Infineon IFXGn.DE , ASML ASML.AS jumped 3.7 percent to 73 percent.

Disappointing results dented some.

Shares in Danish pharmaceuticals company Novozymes NZYMb.CO fell 4.3 percent, the biggest STOXX fallers, after the CFO said Middle East markets were likely to remain weak in 2019. fashion brand Tod's TOD.MI was also punished by the market, falling 6.2 percent after it said like-for-like sales for 2018 fell 3 percent due to a worsening of the performance in Italy and the rest of Europe. notes moved some stocks.

Delivery Hero DHER.DE shares fell 3.8 percent after JP Morgan cut the stock to "neutral" from "overweight".

Swiss chocolate maker Barry Callebaut BARN.S climbed 4.9 percent with traders citing an upgrade from Goldman Sachs (NYSE: GS ), while Fresenius climbed 3.6 percent after BAML upgraded it to "buy".

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